Santander UK has reported an 11.1% mean ethnicity pay gap for 2024.
The banking organisation’s median ethnicity pay gap for all minority ethnic groups was 15.7%, while its mean ethnicity bonus gap stood at 39.5% and its median ethnicity bonus gap was 29.9%.
For Asian staff, the mean ethnicity pay gap was 9.3% and its median ethnicity pay gap stood at 13.6%, while its mean ethnicity bonus gap was 38.2% and its median ethnicity bonus gap 29.1%. For Black employees, the mean ethnicity pay gap was 23.2% and its median ethnicity pay gap was 25.7%, while its mean ethnicity bonus gap was 56.7% and its median ethnicity bonus gap 43.9%.
For mixed or multiple race staff, the mean ethnicity pay gap was 5.9% and the median ethnicity pay gap was 3.4%, while its mean ethnicity bonus gap was 24% and its median bonus gap 10.9%. For other ethnic minority workers, the mean ethnicity pay gap was 2.8% and the median ethnicity pay gap was 6.3%, while its mean ethnicity bonus gap stood at 22% and its median ethnicity bonus gap was 14.4%.
Its top pay quartile comprises 23% ethnic minority and 77% white staff, while its lowest pay quartile consists of 35% ethnic minority and 65% white employees.
The organisation’s 2024 mean gender pay gap was 25.1%, down 1.9 percentage points from 2023, and its median gender pay gap was 27.1%, down 1.4 percentage points from the previous year.
Santander’s mean gender bonus gap was 50.5%, down 1.8 percentage points from 2023, while its median gender bonus gap was 39.5%, down 6.8 percentage points. Its top pay quartile comprises 63.4% men and 36.6% women, while its lowest pay quartile is 37.3% male and 62.7% female.
Mike Regnier, chief executive officer, executive director of Santander UK, said: “Building a diverse workforce and an inclusive, equitable organisation is fundamental to being a sustainable business. To help keep us accountable on this journey, we have refreshed our DEI [diversity, equity and inclusion] strategy, approved by the board in February, outlining our intended actions for the coming years with interventions across recruitment, talent and our people leadership. We continue to be committed to our ambition to increase representation, challenging ourselves to go further and faster wherever possible.”
